MGM101H5 Chapter Notes - Chapter 3: American City Business Journals, Capital Asset

• School: UTM
• Department: Management
• Course: MGM101H5
• Professor: Dave Swanston

Document Summary

System of integrated actions to ensure organization develops and grows market for its goods/services and creates value (wealth) on behalf of stakeholders. Commercial endeavours; refers to markets the organization serves, products and services it offers, needs it professes to meet in the marketplace. Employee interaction; refers to value-creating skills an organization"s employees brings to marketplace (success of organization lies within labour force) Organization efficiency and structure; reflection of complexities of business activities that circulate within organization. These three when combined, result in understanding of business system, result in. Business; refers to mission-focused activities aimed at identifying needs of market, and development of solution to such needs through acquisition, transformation of resources, to be delivered to market for profit. Assets; refers to infrastructure and resource base of organization: includes; land, buildings, bricks and mortar, equipment. Labour; refers to human resource requirements of business. Capital; refers to money needed by organization to support asset-based expenditures, and invest in development of new products.